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35 3 <br />REGULAR MEETING SEPTEMBER 13, 1993 <br />Lafayette Boulevard, P.O. Box 1106, South Bend, Indiana, and <br />Society Bank, as Escrow Agent, in conjunction with the <br />construction of the Blackthorn Golf Course Clubhouse, Outings <br />Shelter and Pump House. Mr. Leszczynski noted that an Escrow <br />Agreement is standard practice in all public works projects over <br />$100,000.00 except highways. Therefore, Mr. Leszczynski made a <br />motion that this Escrow Agreement be approved and executed. Mr. <br />Caldwell seconded the motion which carried. <br />APPROVE MUNICIPAL LEASE AND OPTION AGREEMENT AND ADOPT RESOLUTION <br />NO. 34-1993 - MIDWEST BANKERS GROUP, INC. <br />Mr. Leszczynski noted that the Board is in receipt of a Municipal <br />Lease and Option Agreement as submitted by Midwest Bankers Group, <br />Inc., 9000 Keystone Crossing, Suite 630, Indianapolis, Indiana. <br />Board Attorney Mary H. Mueller noted that this Lease Agreement is <br />for the lease purchase of equipment including an ambulance, <br />garbage trucks, hot boxes and street sweepers. Mrs. Mueller <br />further noted that the total amount of this equipment is <br />$1,409,674.00. The interest rate in effect on this Lease Purchase <br />is 4.7985% for five (5) years. It was noted that this is the same <br />type of Agreement that was submitted to the Board on June 1, 1993. <br />Also submitted at this time was the appropriate Resolution <br />granting to Mr. Jeffrey A. Rinard, Finance Director for the City, <br />authorization to execute other documents related to this lease <br />purchase at the appropriate time. Mr. Caldwell made a motion that <br />this Agreement be approved and executed and that Resolution No. <br />34-1993 be adopted. Mr. Leszczynski seconded the motion which <br />carried. Following is Resolution No. 34-1993: <br />A <br />OF ' <br />RESOLUTION NO. 34-1993 <br />'ION OF THE BOARD OF PUBLIC WORKS <br />CITY OF SOU <br />CUTION OF A <br />ENT WITH MI: <br />INDI <br />AL LE <br />WHEREAS, the Board of Public Works of the City of South Bend, <br />Indiana (hereinafter, "Board") has determined that a true and very <br />real need exists for the acquisition of the equipment described in <br />the Municipal Lease and Option Agreement presented to this <br />meeting; and <br />WHEREAS, the Board of Public Works has taken the necessary <br />steps, including any legal bidding requirements under applicable <br />law, to arrange for the acquisition of such equipment. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works <br />of the City of South Bend, Indiana, as follows: <br />1) That the terms of said Municipal Lease and Option <br />Agreement are in the best interest of the City for the acquisition <br />of such equipment. <br />2) That the Board, itself, will execute the Agreement at <br />today's meeting and will execute all future supplements to the <br />Agreement at future meetings of the Board of Public Works. <br />3) The Board hereby designates Jeffrey A. Rinard, Finance <br />